Ridgeline Energy Services Inc.

Ridgeline Energy Services Inc.

January 17, 2011 18:07 ET

Ridgeline Announces Completion of Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2011) - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSX VENTURE:RLE), announces that its current non-brokered private placement was closed effective January 14, 2011. Further to the Company's news release of December 10, 2011, the private placement consisted of 2,788,674 units for gross proceeds of $1,071,969.60. The units are comprised of one common share and one common share purchase warrant. Each warrant shall be exercisable for a two year period from the date of issue at a price of $0.65.

Both the common shares and purchase warrants are subject to a 4 month resale restriction pursuant to National Instrument 45-102 (Resale of Securities). The securities issued under the private placement must not be traded before May 15, 2011 unless otherwise permitted under securities legislation.

About Ridgeline Energy Services Inc.

Ridgeline is an environmental technology and consulting company focused on waste management in the oil and gas industry. Through its subsidiary Ridgeline Water Inc., the Company is developing proprietary technology capable of efficiently treating large volumes of contaminated water generated by oil and gas producers operating in the Western Canadian Sedimentary Basin. The Company is working with major energy companies in the application of proprietary technology for effective onsite treatment of produced water, hydraulic fracturing flowback water and oil sands process water (tailings ponds), and to recycle the water used in these oil and gas industry applications. Through its environmental consulting and remediation subsidiaries, Ridgeline Environment Inc. and Ridgeline GreenFill Inc., the Company has built a reputation as an established player in the provision of environmental services to Western Canada's large and growing oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol "RLE". Additional information is available on the Company's website at: http://www.ridgelinecanada.com or on the SEDAR website at www.sedar.com.

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ridgeline Energy Services Inc.
    Clint Wolstenholme
    (403) 806-2380
    Hamza Thindal Capital Corp.
    Kam Thindal
    (604) 488-9875